Crawford Enterprises started the 2014 accounting period with $75,000 of assets (all cash), $15,000 of liabilities, and $25,000 of common stock. During the year, Crawford earned cash revenues of $46,000, paid cash expenses of $26,000, and paid a cash dividend to stockholders of $5,000. Crawford also acquired $15,000 of additional cash from the sale of common stock and paid $10,000 cash to reduce the liability owed to a bank.

1. value: 10.00 points Required information

Required

a-1. Prepare an income statement for the 2014 accounting period.

a-2. Prepare a statement of changes in stockholders equity for the 2014 accounting period.